Introduction: A brand is a major intellectual property component for any business. Brands today are competitive because of their perceived and real market value. Brand value or recognition is essential in creating a business legacy and entity whose market presence and competitiveness is unmatched. But how can that brand value be exploited or preserved for development purposes? Let’s explore avenues to achieve this, and the value in a good brand.
Benefits of Strong Brands
Brand recognition: Easily distinguish your goods or services from the competition.
Credibility and Integrity: Brands build a stronger image with the target audience.
Emotional Resonance with Customer: Brands are preferred over other brands.
Customer Loyalty/Retention: Reputable brands have enhanced loyalty and market retention.
Higher Market Competitiveness: Brands are supremely competitive.
Premium Pricing: A brand’s reputation can allow the owner to increase the price of products/services without market backlash or withdrawal.
Attract Partnerships and Influencers: A credible brand is one that many would like to identify with, including influencers and corporate houses.
Preferential Target Market Receptivity: There is near flawless market reception for strong brand launches and addons.
Dictate Industrial/Commercial Engagements: Reputable brands are market leaders. They are not laggards.
Buffer Against Negative Exposure: There is always good press and media attention on stronger brands.
Bargaining Power/Deeper Financial Pockets: Brand strength due to competitiveness and market share allows for better financial resources and bargaining power.
Trademark: Good brands and protected and registered as a trademark, adding to the valuable and trusted reputation. Trademark protection allows the owner to stop unauthorised copying.
How Businesses and Organisations Preserve and Exploit their Brands for Development.
Strategically Outline Brand Aspirations
Create a comprehensive research plan of what your brand stands for, aims to achieve and wants to fulfil in customer terms. Strategic plans carry step-by-step execution strategies for success. They are roadmaps to achieve the brand’s objectives and aspirations.
Know Your Brand Position and Value
Every brand has value upon which it creates a favourable market presence and credibility. Knowing your brand’s position, you are creating a situational value evaluation that will be the basis for future success. Brand value esteems your goods and/or services in the face of competitors and customers.
Know Your Competitors and their Worth
Competitors in business are inevitable and are a good barometer to keep your business on the right track. It is good to know your competition and what they are up to regarding innovation, inventions, discoveries, launches, market value, competitive edge if any and why. Brands can grow and evolve when weighed against stronger competition.
Enhance Your Business Brand Identity
Business brand identity are features that uniquely mark out or point out the brand’s image and credibility. By enhancing these features, a brand gains a stronger presence in the market and preserves its image while opening up growth and development prospects.
Prominence, Visibility and Competitiveness
Ensure brand competitiveness across business channels. The more a brand is seen or heard, the more it builds its full market potential.
Follow Progress and Performance across Business Cycles
Business cycles change due to several factors, local and global. Knowing the causes and ways to fix these dynamics helps brands remain steadfast in preserving their identity and developing their full potential.
Conclusion
A brand should be registered a trademark because it is a significant intellectual property right that carries both emotional and monetary value. It can translate into qualitative gains for the business in short periods. Credibility and identity always have a significant bearing on a business’ fortunes. The aspirations for brand preservation and exploitation help push businesses forward with visible and qualitative gains.
